BNC Bancorp net income grows sharply

Tuesday

Apr 30, 2013 at 10:52 AM

Another quarter of improving loan demand from consumers and more progress on reducing negative loan portfolio obligations led BNC Bancorp to a 223.6 percent increase in net income to $3.75 million in the first quarter.

Another quarter of improving loan demand from consumers and more progress on reducing negative loan portfolio obligations led BNC Bancorp to a 223.6 percent increase in net income to $3.75 million in the first quarter.Excluding $529,000 in preferred stock dividend payments, BNC's net income would have been $4.28 million.The bank reported diluted earnings of 14 cents a share, up 3 cents from the first quarter of 2012.The average earnings forecast was 13 cents by analysts surveyed by Zacks Investment Research. Analysts typically don't include one-time gains and charges in their earnings projections.Revenue from loans rose 21 percent to $33.1 million, while revenue from fees was up 6.6 percent to $6.2 million.BNC's boost in profitability has come in part through the recent purchases of First Trust Bank in the Charlotte market, KeySource Financial in Durham, Carolina Federal Savings Bank in Charleston, S.C., and two Triangle branches from The Bank of Hampton Roads."We continue to actively pursue strategic acquisitions that provide depth in our key markets," said Swope Montgomery, the bank's chief executive and president. "However, we are cultivating the investments made over the past several years in growth markets, non-interest income sources, a more diversified deposit base and an elite-level senior management team."

Never miss a story

Choose the plan that's right for you.
Digital access or digital and print delivery.